Existing machines for terminating the ends of electrical windings of bobbins must be able to accommodate different styles and types of terminals. In all cases the terminal is severed from the carrier strip by a cutting blade and then it is inserted into a terminal receiving cavity of the bobbin. During insertion, the cutting blade remains extended to guide the loose terminal. In cases where the terminal has a lug or other projection extending beyond the sides of the terminal, this projection must be cleared by the cutting blade during insertion. This is accomplished by withdrawing the cutting blade, after severing, just enough to clear the projection yet the blade remains close enough to guide the terminal. The mechanism for performing the withdrawal is usually a cam and follower structure. Typically, a member having a cam slot is attached to the end of the piston rod of the air cylinder that actuates the cutting blades. A follower that is attached to the end of a pivoting member engages the cam slot, the other end of the pivoting member being coupled to the cutting blades for operation thereof. As the piston rod of the air cylinder extends, the cam slot causes the follower to move the end of the pivoting member so that the cutting blades extend and sever the carrier strip then withdraw a specific amount. The terminal is then inserted and the air cylinder reversed so that the follower rides back along the cam slot reversing the withdrawal motion and then retracting the cutting blades. The cam and follower mechanism in such machines is expensive to manufacture and is usually different for different terminal applications, thereby requiring setup time. What is needed is a machine that has a shearing mechanism that is adjustable so that the amount of cutting blade withdrawal can easily be adjusted to a desired amount or to no withdrawal in cases where there are no projections.